Picus Capital, an early backer of startups like Personio and Enpal, has secured €150 million in preferred equity from Carlyle AlpInvest to fuel its long-term growth strategy. The financing is structured to strengthen Picus’s ability to support existing portfolio companies and pursue new investments across stages, rather than focusing on short-term fund expansion. This move reinforces Picus’s commitment to backing founders early and remaining a partner throughout scale-up, IPO, and beyond.
The preferred equity injection comes shortly after Picus closed its Venture Fund II at a €250 million hard cap, more than doubling the size of its first fund. These milestones reflect growing confidence from institutional investors in Picus’s proven investment approach. PJT Park Hill advised on the transaction, with Simpson Thacher & Bartlett and Poellath serving as legal counsel for Picus, while Kirkland & Ellis represented Carlyle AlpInvest.
Founded in 2015 as a founder-backed investment firm, Picus has grown into a global venture capital platform with offices in Munich, New York, Berlin, London, and Bangalore. From its inception, Picus positioned itself as an early institutional partner, often becoming the first investor in startups and maintaining close involvement as these companies scaled.
The firm has consistently delivered strong returns, achieving an annual internal rate of return exceeding 40%, earning a reputation as a high-conviction, founder-aligned investor. The partnership with Carlyle AlpInvest marks a strategic step in institutionalizing Picus’s model while preserving its entrepreneurial DNA.
Picus Capital’s portfolio spans more than 20 countries and includes a mix of technology-driven, high-growth companies:
- Personio, a leading HR and payroll platform for small and mid-sized businesses in Europe.
- Enpal, which provides residential solar and clean energy solutions through a subscription model.
- Kin Insurance, a digital-first home insurance platform leveraging data-driven underwriting.
- Deel, a global payroll and compliance platform for distributed workforces.
- FINN, a subscription-based car ownership platform offering flexible mobility solutions.
- Enode, an energy connectivity platform linking electric vehicles, batteries, and renewable power sources.
The firm invests from pre-seed to later growth stages through its Picus Venture Fund strategy, targeting sectors that are likely to shape the coming decade, including energy and climate, fintech, enterprise infrastructure, cybersecurity, healthcare, enterprise applications, and emerging digital platforms. Picus’s distinctive strategy involves leveraging insights from its growth-stage investments to inform earlier-stage bets. This feedback loop allows the firm to identify emerging category leaders sooner and deploy capital more effectively.
With Carlyle AlpInvest’s additional capital, Picus is well-positioned to accelerate its global strategy, supporting founders over longer timelines and navigating increasingly capital-intensive growth trajectories. Raphael Mukomilow, Partner and Head of Growth Investments at Picus Capital, said the partnership provides flexible financing to support portfolio growth and expand investment activity, signaling the start of a long-term collaboration with Carlyle AlpInvest.
Robin Godenrath, Managing Partner and Founder of Picus, highlighted that the partnership strengthens the firm’s ability to back visionary founders and expand into new markets while delivering strong risk-adjusted returns across all stages. Michael Hacker, Global Head of Portfolio Finance at Carlyle AlpInvest, noted that Picus’s diversified portfolio and sustained momentum made the partnership particularly compelling, emphasizing Carlyle AlpInvest’s commitment to providing flexible, strategic capital to support the firm’s next growth phase.
This collaboration represents a significant milestone for Picus Capital, combining founder-driven expertise with institutional support to accelerate global investment activity. With a proven track record and strengthened financial backing, Picus is poised to continue identifying and scaling category-defining technology companies worldwide.
Picus Capital’s approach combines long-term vision with hands-on support, allowing founders to focus on growth while benefiting from strategic guidance and operational insights. By reinforcing its balance of early-stage involvement and growth-stage expertise, the firm ensures its portfolio companies are equipped to navigate complex markets, scale efficiently, and become leaders in their sectors.
With the backing of Carlyle AlpInvest, Picus is positioned to extend this model globally, accelerating innovation and supporting entrepreneurs who are shaping the future of technology.
